If Seadrill use similar financing for all the eight deepwater units due for delivery this year, which are all on long-term contracts, the Company will release in excess of US$4 billion in cash after adjusting for remaining yard instalments, interest expenses and supervision costs. This cash will be available for dividend purposes or further growth of the Company. Additional cash can be raised through executing similar structures on the remaining rigs in the Company.
Chairman John Fredriksen says in a comment, "The West Polaris financing agreement creates a unique opportunity for Seadrill to optimize the return on equity. The significant order backlog of US$12 billion has given Seadrill a strong position to maximize financing without taking material financial risk. The repurchase option structure and the free cash flow adjusting for the lease rate and rig-operating expenses provide flexibility for dividend distribution as well as further growth. The cash released through such arrangements will make it possible for us to deliver on our promise to return to shareholders a substantial part of Seadrill's market capitalization without limiting the future growth of our Company."
Ole JF is a master of finance and look out dividend, here we come!
I agree with you that the large Corporate office for all of the Corporation conglomerates is in London but where we disagree is the main Corporate Hdqtrs. for FRONTLINE is in OSLO, NORWAY. THE rest is OT.. Anyway, glad to have you on board...How long have you been with JF and his chess board of companies that keep us out of the poor house. I noticed that in your last post you stated you were 92. That's fantastic however, what are you doing up at 1 in the morning. Are you like Eienstien who only needed 4 hours of sleep a day? Just concerned that's all. I just lost my grandfather who was 101, three months ago and was told he needed to get at least 7 hours sleep by his "Doctors" whom he never listened to through that whole 101 years but it turned out they were right. He passed away watching TV at 2:30 in the morning. Don't want that to happen to any of our senior citizens especially those who invest with FRO and the rest of the best companies. Got to keep you guys around.
So where were you in WW II. My Dad fought at Guadalcanal, and then got wounded by a mortar attack at Bougainville. He was in the 3rd Marine Division as a machine gunner, he had the watercooled 30 cal. Getting wounded before Iwo probably saved his life. Only 15% of the original men who were at Guadalcanal and then later at Iwo (3 years later), made it back home. I guess I wouldn't be here if he hadn't been wounded at Bougainville. Anyway, I digress.. be sure and get your sleep and good to have you on board and as always..go JF longs!!
By the BY Ray, They not only have management offices in OSLO and LONDON BUT Please check out the rest....
Frontline Ltd/Frontline Management (Bermuda) Ltd.
PO Box HM 1593,
14 Par-la-Ville Road,
Hamilton HM 08
Phone: + 1 441 295 69 35
Fax: + 1441 295 34 94
Frontline Management AS
Phone: + 47 23 11 40 00
Fax: + 47 23 11 40 40
Frontline Management (UK) Ltd.
15 Sloane Square
Phone: + 44 207 824 5530
Fax: + 44 207 824 5535
Frontline Management (Bermuda) Ltd.
10 Hoe Chiang Road
#18-01 Keppel Towers
Phone: + 65 6296 5518
Fax: + 65 6293 3515
Frontline Corporate Services (London)
30 Marsh Wall
Tel: + 44 207 517 8600
Fax: +44 207 517 8601
They are not in CYPRUS. HE operates out of Cyprus and yes he has a home in London, but he also has homes all over the world. He is a Cypriot citizen and when needed he uses that address for certain transactions that behoove his tax structure.
The Corporate Chartering Department, the Corporate Investor Relations Department and main information for the Corporation is in OSLO Norway offices. The Corporate Secretaries and management invovled with the ships only, is in Bermuda. As is, guess what, the Annual Meeting. The Quarterly meetings are held in OSLO by their Investor Relations Corporate Department. Thus the two phone numbers for Frontline Management AS and Frontline Ltd. The main number is Frontline Management AS - Phone: +47 23 11 40 00 - Fax: +47 23 11 40 40 is in OSLO, Norway (Their Corporate Offices) and the second is in Bermuda but, I was told, could just as easily be the Singapore, London, Etc. for each of the shipping management offices.
They're not selling SDRL in OSLO. IT's up nicely today and it didn't break it's upward momentum so I think 36-38 for the next high. Should be next week sometime. There will be a lot of people buying after the exdiv date because they will be counting the cash all the way to the end of the summer and then it just gets better. Barb, nothing ever goes straight up, but you bought this for divi's right? RIGHT?
OK...KOKO for all theJF LONGS!
Ray, wonder why they have their presentations for each quarter and the annual meeting in OSLO then?
presentation of Frontline's first quarter 2008 results will take place in Oslo at Stranden 21 (DnB NOR building at Aker Brygge) in the auditorium on the second floor Thursday May 22, 2008 at 08:30 A.M. If you wish to attend you need to confirm to our Reception at +47 23 11 40 00.
<<I was with Fido for many years and paid $58 fee plus wide spread, but switched to Ameritrade and ended up with custody fees of from $15 to $100 per holding per year
and their market makers are pirates for pink sheets.>>
You seem to be an investor rather than trader or not located in the USA. I am with Fido and it cost me $8 to buy SDRLF. But then, I do more than 600 trades per year (swing trader).
Regarding this sector, I own SDRLF and DRYS; SDRLF is in my IRA because I expect they will pay divvy. DRYS in trading account because this stock is crazy; but overall I keep getting back in after price drops at "better" price. I use trailing stop.
DRYS, if you have stomach for it, should be better investment overall because they will spinn-off the drilling portion later this year on next spring.
Technology - DRYS concentrates on extremely deep sea drilling technology. Much better for Petrobras (and others) near future needs than something like like the Keppel's West Arriel, which can go only to 400 feet ocean depth.
I own Pertobras as well; they are looking for rigs that can go to up to 9800 feet of water.
Seadrill is good for neat term for sure but DRYS spinoff could pay off more.
""...The contracts have an average duration of five years and four months at rates of $410,000 to $580,000 a day.
Exxon Mobil leased Seadrill's West Polaris unit last month for $600,000 a day, Nokta said. BP agreed on May 1 to pay $540,000 a day for a Pride International Inc. drillship, $60,000 a day more than the company committed to three months earlier for an identical Pride rig, he said....
The 700K/day may be in high risk areas like Africa or simply spot price which is popular with The Mad Badger.
Be aware that sometime in the next few months Ameritrade will pass on a custody fee from ML for each and every pink sheet you have in each account. Most are $15 per year but I have Israel and they charged me $100. That made me switch to Noble. Nobles disclosure says no fees (no kiding). This is a yearly fee for each and every pink at AMTD.
We already had the May meeting. The 2nd qtr mts is August 29th. We need to make some money real quick so we can go, hey. Hope this baby starts moving up. SDRL x-date is June 5th so why are there so many selling right now. I have a calendar with all these imptnt dates and divs and it really helps me. Barb
Well, they incorporate out of Bermuda because of tax purposes but the annual meetings are in Norway because that is where the real corporate offices are. JF lives in Cyprus because of tax purposes also, but deep down he's Danish as they come...
Thanks for the kind words and yeah, Bermuda could be on the way if you think about it but the meetings are held up in Norway in May and it's not too bad up there then. Days are only one month from being the longest of the year so get ready to see 18 hours of daylight and maybe 4 hours of darknesss. It would be a real gig.